2025年9月，创新药研发平台型企业百奥赛图在过去一个月连续发布多项重要合作进展。无论是与跨国 巨头默克在抗体偶联脂质纳米颗粒（LNP）递送方案上的探索，还是与德国Tubulis的抗体许可协议，亦 或是合作伙伴IDEAYA在双抗ADC联合治疗的推进，都进一步印证了公司"双业务线"战略布局的前瞻性 与国际竞争力。 双业务线逻辑：模式动物+抗体平台 百奥赛图的发展战略核心在于"双业务线"： 与默克再度携手：探索抗体偶联LNP递送 9月初，百奥赛图宣布与默克（Merck）签署抗体选择权评估协议，围绕抗体偶联LNP递送展开合作。百 奥赛图将基于其RenMice®平台提供全人抗体，由默克评估其在LNP系统中的可行性。若默克选择行 权，百奥赛图将获得相应首付款、里程碑及分成收益。 这一合作不仅拓展了全人抗体在传统抗体药物之外的应用场景，也展示了抗体在核酸药物递送系统中潜 在的关键作用。业内人士认为，随着mRNA、siRNA等核酸疗法快速发展，精准递送已成为瓶颈，而抗 体偶联LNP有望提供更高效和更靶向的解决方案。 Tubulis行权：全人抗体进入ADC研发 紧随其后，9月中旬，百奥赛图宣布与德国新锐ADC企业Tubuli ...

近期，百奥赛图在全球创新药产业链上的存在感愈发强烈。进入9月，公司接连发布三项合作消息，涵 盖核酸药物递送、ADC研发与双抗ADC合作项目进展，充分展现了其"双业务线"战略的纵深布局与国 际竞争力。 核酸递送新尝试：携手默克推进抗体偶联LNP 在与默克（Merck）的最新合作中，百奥赛图基于RenMice®平台提供全人抗体，默克将评估其在抗体 偶联脂质纳米颗粒（LNP）中的应用潜力。LNP是当下核酸药物领域的关键技术，而通过抗体偶联提升 递送精准度，可能为下一代核酸疗法打开新空间。 该协议赋予默克独家选择权，一旦行权，百奥赛图将获得费用、里程碑付款以及销售分成。这一合作不 仅验证了百奥赛图全人抗体平台的广泛适配性，也突显其在新兴治疗模式中的应用前景。 ADC管线加速：Tubulis签署抗体许可协议 另一边，德国生物技术公司Tubulis宣布引入百奥赛图自主开发的全人抗体，用于新一代抗体偶联药物 （ADC）的研发。这一分子同样源自RenMice®平台，具备高亲和力和良好的开发潜力。 双方合作的推进意味着百奥赛图的抗体资产不仅能提供研究阶段的支持，更能真正进入后续临床开发与 商业化通道。公司将在协议下获得首付款、 ...

Core Insights - The innovative drug industry in 2025 is witnessing a surge in business development (BD) activities, with over 70 pipeline licensing agreements signed by Chinese pharmaceutical companies in the first half of the year, totaling over $60 billion, setting a historical record [1] - The urgency of multinational pharmaceutical companies to fill the "patent cliff" gap has positioned Chinese firms as significant sources of global pipelines due to their efficient R&D and cost advantages [1] Company Overview - Baiaosaitu's growth path can be summarized as "from point to surface," starting with gene-edited mice and accumulating industry-leading humanized mouse resources, providing stable cash flow and early engagement with innovative drug companies [2] - The company's antibody discovery platform, initiated in 2020 with the "Thousand Mice, Ten Thousand Antibodies" plan, has positioned Baiaosaitu at the forefront of the innovative drug R&D chain, enabling partners to significantly reduce time and uncertainty in the development process [2] - Baiaosaitu operates a "dual business line" model: stable cash flow from standardized model animal products and high-growth potential from high-throughput antibody production through licensing and collaboration [2] Market Valuation Logic - In the secondary market, traditional biotech companies often rely on a few pipeline "stories" for high valuations, which carry significant risks and volatility, while Baiaosaitu's platform-centric model offers stronger risk resilience [3] - The value of platform-based biotech lies in its ability to "empower" others, sharing clinical risks and revenues through collaborations and licensing, functioning as a "R&D infrastructure" for global innovative drug companies [3] Recent Collaborations - In September, Baiaosaitu announced three international collaborations, further demonstrating the value of its platform [4] - The collaboration with Merck explores antibody-conjugated LNP nucleic acid delivery, expanding the boundaries of antibody applications in emerging therapies and creating potential long-term cash flow [5] - A licensing agreement with Tubulis involves a fully human antibody derived from the RenMice® platform entering ADC development, exemplifying the "antibody supermarket" model by allowing molecules to enter clinical trials through licensing rather than self-research [6] - The partnership with IDEAYA focuses on the dual-antibody ADC IDE034, with preclinical data showing significant synergy when combined with small molecule drugs, highlighting Baiaosaitu's technical capabilities in this hot sector [7] Role in Business Development Wave - Multinational pharmaceutical companies are willing to pay high prices for early pipeline access, and Chinese firms are achieving a positive cycle of funding and technology through BD, with Baiaosaitu's model aligning well with this trend [9] - The open platform allows molecules to be licensed multiple times to different partners, increasing the probability of success, while the value capture model includes upfront payments, milestones, and sales shares, forming a long-term "value pyramid" [9] - Baiaosaitu serves as an "accelerator" for new drug development, providing "ready-to-use" candidate molecules for various-sized pharmaceutical companies, thus lowering innovation barriers [9] - The company's story reflects the rise of Chinese biotech and the inevitable result of the fine division of labor in the innovative drug industry, with BD transactions expected to be a long-term trend driven by the "patent cliff" and "efficiency dividend" [9]